The fund closed in August 2013 with commitments from professional investors of USD1bn.

The Aggregator Solutions fund has now either acquired or had bids accepted on positions with a net asset value of more than USD400m from professional investors since it launched in October 2012. The fund was set up to invest in illiquid or lower-liquidity hedge funds, particularly in situations where market conditions make it difficult for investors to redeem their holdings.

Magnus Lorrain-Smith, head of hedge fund secondaries at DeAWM, says: "This acquisition adds a diversified pool of hedge funds to Aggregator Solutions' portfolio. At the same time, it provides locked-up investors with liquidity.”